The Coffee with the Experts interview series kicked off with Bill Prenatt, Co-owner of Simply Successful. Bill has had an extensive career working for and with large and small companies. He specializes in family business growth and leadership, sales and strategic coaching and leadership training.
Bill and his wife Ann are also Co-founders of Experts for Entrepreneurs (e4e), a community of entrepreneurs who are committed to helping small business owners succeed and live their dream. As a Partner of e4e, I have had the joy of working with and learning from Bill and the talented experts who are part of this interactive community.
Bill recently shared his delicious blend of strategic insight.
I’ve heard you say there is a difference between working “in” and “on” our business? What does that mean?
It’s important to create an organizational view of your business and establish habits that lead to success. In order to sustain results we have to have a BUSINESS, MARKETING, and SALES STRATEGY. Begin with the END IN MIND. Determine your big and small rocks, develop action plans, and determine how to measure and report on progress. The key is to apply your talents to your business and hire experts who can help you in the areas where you need assistance.
How do you think change can be viewed as a competitive advantage?
If you keep doing what you’re doing, you are falling behind. Staying in the same place will put your business at a disadvantage. Understand who your target markets are, what kind of customers are best for your business, and meet them in the places where they like to go.
What is the best way for small business owners to manage the moving parts?
Business owners spend much of their time on the day-to-day activities of the business. Standardization of your strategic components through process improvement can help organize the chaos and delegate where necessary. Conduct a SWOT ANALYSIS. Ask yourself key questions in the areas of Client Experience, Internal Processes, Personal Development, and Business Building. Let people do what they do best. For example, managers plan, execute and complete work. Leaders collaborate, create an invisible structure and allow the talent to be authentic. Unify with engagement. Build trust by being consistent over time.
What are some of your favorite business books?
- As a Man Thinketh by James Allen
- Confronting Reality: Master the New Model for Success by Larry Bossidy and Ram Charan
- Execution: The Discipline of Getting Things Done by Larry Bossidy and Ram Charan
- First Things First and Speed of Trust by Stephen R. Covey
- Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher, William L. Ury, and Bruce Patton
- Know What You Don’t Know: How Great Leaders Prevent Problems Before They Happen by Michael A. Roberto
- Megatrends: Ten New Directions Transforming Our Lives by John Naisbitt
- Power of Focus by Brian Tracy
- Selling the Invincible by Harry Beckwith
- The E-Myth Revisited by Michael E. Gerber
- Think and Grow Rich by Napoleon Hill and Arthur R. Pell
- Traction: Get a Grip on Your Business by Gino Wickman
- Who Moved My Cheese by Spencer Johnson
- Work the System by Sam Carpenter
Bill shared some of his favorite quotes:
I believe the greatest assets of a business are it’s human assets and that the improvement of their value is a matter of both material advantage and moral obligation. – Clarence Francis
Good is the enemy of great. – Jim Collins
Latest posts by Caren Libby (see all)
- 5 Lessons Learned from My First Decade as an Entrepreneur - January 1, 2018
- A Simple Social Media Guide - December 18, 2017
- A Focus on Social Media: Tools for Research - December 11, 2017